China and Saudi Arabia have signed seven cooperative projects worth $1 billion, China Daily newspaper reported, citing a statement from the Guangzhou Development District (GDD).
The projects involve automobile manufacturing, new materials, intelligent equipment, circular economy and food and beverage industries.
The China-Saudi Arabia cooperation in production capacity is an important measure for Guangdong province and the Ningxia Hui autonomous region in northwest China to implement the country’s Belt and Road Initiative (BRI), the statement added.
Located in the eastern part of Guangzhou, the GDD has attracted more than 4,600 foreign-funded enterprises from more than 100 countries and regions so far, including 179 projects invested by the world’s top 500 companies.
Chinese President Xi Jinping will arrive in Saudi Arabia on Wednesday for a two-day visit that will include meetings with several Arab leaders, state-owned SPA reported.
(Writing by P Deol; Editing by Anoop Menon)